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dc.contributor.advisorJohn C. Cox.en_US
dc.contributor.authorDwek, Julian, 1974-en_US
dc.contributor.otherSloan School of Management.en_US
dc.date.accessioned2005-09-26T19:20:34Z
dc.date.available2005-09-26T19:20:34Z
dc.date.copyright2002en_US
dc.date.issued2002en_US
dc.identifier.urihttp://hdl.handle.net/1721.1/28245
dc.descriptionThesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2002.en_US
dc.descriptionIncludes bibliographical references (leaves 38-39).en_US
dc.description.abstractNumerous papers have explored the pricing of municipal bonds relative to taxable instruments. An emerging theme of this literature is the persistently steep municipal term structure, and its incompatibility with prevailing notions of capital market equilibrium. This contradiction is known as the Municipal Puzzle. In this thesis, we critically assess the various theories advanced so far to explain the municipal puzzle. After considering the evidence, we identify the tax avoidance theory as being on balance the most likely candidate. The thesis then develops a helpful variation on the original tax avoidance view developed by Green. In addition, we propose a theoretical framework to overcome the apparent incompatibilities between the opportunity for tax avoidance and overall asset market equilibrium.en_US
dc.description.statementofresponsibilityby Julian Dwek.en_US
dc.format.extent39 leavesen_US
dc.format.extent1933805 bytes
dc.format.extent1936008 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypeapplication/pdf
dc.language.isoen_US
dc.publisherMassachusetts Institute of Technologyen_US
dc.rightsM.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission.en_US
dc.rights.urihttp://dspace.mit.edu/handle/1721.1/7582
dc.subjectSloan School of Management.en_US
dc.titleThe municipal puzzle : a review of the literatureen_US
dc.title.alternativeMunicipal bond puzzle : a review of the literatureen_US
dc.typeThesisen_US
dc.description.degreeM.B.A.en_US
dc.contributor.departmentSloan School of Management.en_US
dc.identifier.oclc50655908en_US


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